Mansi devani (CA) (73 Points)
12 June 2018I have one assesee who is in partner in one firm. My query is simple, I am filling ITR-3 for this assessee, Whether Profit and Loss a/c and Balance sheet is compulsary for this ITR as he is not maintaining Books.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171269 Points)
Replied 12 June 2018
" Whether Profit and Loss a/c and Balance sheet is compulsary for this ITR as he is not maintaining Books."
Is he running any business under proprietorship firm?
stapler
(bus)
(282 Points)
Replied 22 September 2018
Sir, Case I : A person is partner in two firms, and no other proprietory business, but also has income from other sources like bank & Post office interest, LTCG/STCG from share transaction from his demat account (not trading of shares!), and the like. He is not maintaining his personal books. How can he file ITR3 without requiring to fill in personal assets & liab.?
Case II : A person besides being partner in two firms is also a proprietor of another business. And he also has income from other sources, how to file ITR3 without personal set?
Kindly enlighten.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171269 Points)
Replied 22 September 2018
1. No need to provide details of P&L acc and BS, when there is no proprietorship business. Fill all other schedules as required to be declared.
2. Here, P&L account and BS as of proprietorship conern is also filled alongwith other details as per case 1. In case the proprietorship income is declared under presumptive assessment, minimum details as per 'no accounts case' are required to be filled.
In both the cases personal assets and liabilities (as per capital account) may or may not be clubbed in business account details.
stapler
(bus)
(282 Points)
Replied 22 September 2018
My CA says there is no way to file latest ITR3 without filing personal set details in Case I.
He says even if it is uploaded, it'd attract notice of defective return u/s 139(9), although in the very first place, the return won't upload.
This is confusing me...Is my CA missing on something?
Pls do guide me further.
Thanks a lot, and my regards Sir.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171269 Points)
Replied 22 September 2018
No, that cannot be the criteria for defective ITR.... when proper details are provided as per provisions. Usual defects are based on improper selection of business codes &/or exact sub-section applicable over the presumptive taxation....
You may refer to second opinion as per your query......... No question of ITR not getting uploaded !!!
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171269 Points)
Replied 22 September 2018
If your aggregate income exceed 50 lakhs, schedule AL (personal details) are mandatorily required to be filled.
stapler
(bus)
(282 Points)
Replied 22 September 2018
Thanks a lot Sir.
Partner's income is less than 50 Lakhs. So that means only both Firms' Balance Sheets, and PL A/cs are needed, and currently, its not mandatory to keep and file personal books as such.
I'll show this to my CA, and if any further guidance is needed, i'll bother your again Sir.
Regards.
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